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Spotify Stock Rose over 4% on April 26

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Dec. 4 2020, Updated 10:53 a.m. ET

Stock has gained 22% this year

Music streaming giant Spotify (SPOT) rose 4.1% on April 26 to close at $138.25. The stock is currently trading 34% above its 52-week low of $42.36 and 31% below its 52-week high of $198.99.

It’s been just over a year since the stock was listed as a public company. Last year, Spotify stock fell over 21%. The stock has however rebounded and gained 22% in 2019. Spotify is expected to announce its first-quarter results on April 29, 2019, and post sales of $1.64 billion, a rise of 25.4% YoY.

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Company is competing with giants

Spotify stock was impacted earlier this month as investors were concerned over Apple’s growing presence in the music streaming segment. Amazon (AMZN) also had a pilot launch of a free music streaming tier, which drove Spotify stock lower in the first half of this month.

Earlier this year, Spotify launched services in India (INDA) and is expected to grow revenue at a robust pace as it expands internationally. Investors will closely watch first-quarter results to see if Spotify can beat Wall Street estimates.

An earnings beat in the first quarter and solid guidance for 2019 will mean significant potential upside for investors.

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